Opening a company in Hong Kong is the ultimate way to grow an enterprise fast in the Far East and globally too. The Hong Kong’s supportive business environment acts as a launching pad for enterprises whether at startup or simply extending their tentacles to the Far East. But your operations can only commence after opening a bank account.
Things that you need to open a Hong Kong Bank account
When a company applies for a Hong Kong bank account corporate, the biggest focus is trying to understand what the business is all about. The documents required by banks aim at demonstrating the company is legit and ethical. To show this, you are required to provide the following documentation;
- The certificate of incorporation
- Copies of passports for directors and shareholders
- The business structure and expected cash flow
- Records demonstrating how the business operates
Banks carry due diligence on all shareholders and directors
When Hong Kong passed the CRS framework, banks were obligated to carry due diligence about clients’ compliance with tax obligations at home. Therefore, the bank will ask for more details about every shareholder and director’s tax details back at home and proof of address. As said on http://hongkongtaxfree.com, Depending on the information you give, the bank will classify the account as reportable or non-reportable. Reportable accounts are those held by people who are at risk of evading tax back at home.
The company must demonstrate proof of business
As a corporate entity, the bank wants to get proof of business. If you can prove that the business is within the legal limits, the bank will rarely decline the application. To demonstrate evidence of business, banks ask for the following;
- Invoices from past transactions
- Copies of contractual agreements
- Bank statements for the last one year